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PBOC's Yi Pledges More Open Financial Sector

  • Yi makes first formal public remarks after being appointed
  • Says SOE leverage, local government debt deserve attention
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Bloomberg’s Tom Mackenzie reports on U.S. and China trade tensions, and PBOC policy.(Source: Bloomberg)

People’s Bank of China Governor Yi Gang said the nation will further ease access to its financial sector and coordinate the opening with currency reforms.

China will open the capital account in an “orderly” way and improve the yuan’s convertibility, the newly-appointed central bank governor said Sunday in Beijing. Yi also said that monetary policy will remain “prudent and neutral,” repeating the central bank’s recent stance, and pledged to continue work on defusing financial risks and enhancing regulatory capabilities.